unbilled sales 266m as at 31/3/2021 compared to 245 as at 31/12/2020

Ruili Integrated Circuit Co Ltd's

sign of competency

not just SMIC in china, they secured 30M+ project from china largest memory chip company

https://farmpolicynews.illinois.edu/2021/06/biden-administration-reportedly-considering-rfs-relief-for-oil-refiners/

pls share ya, i failed to registered eagm in time.

https://www.klsescreener.com/v2/news/view/840075

New growth engine
Going forward, the industrial and specialty gases business is expected to be one of the main growth drivers for KGB.

“Our exposure to this market segment will probably be about RM20 million this year, which is very small if you look at the Malaysian market size of RM1.4 billion to RM1.5 billion, but that also means huge room for us to grow,” Gan says optimistically.

https://www.linde-gas.com/en/images/Gasworld%20-%20Creating%20a%20Semiconductor%20FEB18_tcm17-477345.pdf

Sop stratergy to expand property segment is good provided they continue to focus on low and affordable landed lroperty

Biofuel is a future. Like it or not when other edible oil is shortage due to high feed stock being cinsumed for biofuel...eventually peoples will hunt for palm oil

Whats your view?

KGB always provide aging list in their qr. Most of the debtors have yet due. The trend is in line with last few quarters/ years

value investing

gearing will go below 1.75x by q3

Fundamentals almost fully priced-in
1QFY21 core net profit made up 35% of our/consensus full-year forecasts;
we consider this in line as several revenue/cost items may not recur evenly.
We raise our SOP-based TP to 48 sen as we include the liquidation values of
its OMS assets, but downgrade to Hold on strong share price performance.
Upside risks include the potential for BAB to win its bid for Petronas’s FPSO
Limbayong contract, which may be awarded in 3Q21F.
1Q21 earnings continue to do well
BAB delivered a 1Q21 core net profit of RM150m, the second-highest in its history,
behind only 4Q20’s RM174m, and 69% better yoy. The good performance was due to
higher FPSO Kraken uptime, reduced OMS losses after 11 OSVs were sold in 1Q21,
better associate profits after the FPSO Sterling-1’s contract was extended for a further
10+5 years from 4Q20, and RM33m in fees charged to the 30%-owned FPSO 98/2 JV for
project management services in 1Q21. Core net profit fell in 1Q21 vs. 4Q20 as the
Kraken and TGT-1 FPSOs undertook planned shutdowns, while Sterling-1’s earnings
were impacted by the expensing of certain life-extension costs.
Updates on one ongoing, one upcoming, and one potential project
BAB has a 30% interest in the FPSO 98/2 (with its partner, Sharpoorji Pallonji (SP) with
70% stake) that was originally to be leased to ONGC from 1Q22F, for a period of 9+7
years. Due to Covid-19-related delays that affected the work schedule at Singapore’s
Sembcorp Marine, ONGC has extended the timeline and the FPSO will be delivered to
ONGC sometime during 2022F, according to BAB. We have included the contribution of
FPSO 98/2 into our TP, and earnings forecasts from 3Q22F. Separately, on 18 May,
BAB’s 49:51 JV with SP, SPACEVPL, entered into a licensing agreement to set-up an
FSRU at the Port of Mumbai for a period of 30 years, and SPACEVPL will have 270+50
days to secure financing, obtain applicable permits to start construction of the pipeline
and jetty, and begin the process of converting an existing LNG ship into an FSRU
(estimated capex of US$100m-200m). SPACEVPL is marketing the terminal and
regasification capacity of 3m-5m tonnes of LNG p.a. to potential industrial customers on a
take-or-pay basis. According to guidelines from India’s Ministry of Ports, Shipping and
Waterways, the port licence fees for the entire 30-year licence period is to be paid
upfront. We have not factored-in SPACEVPL into our earnings forecasts or TP due to
lack of details, but the FSRU should begin operations from 2023-24F, in our estimate.
Finally, BAB, SP and MTC Group are JV partners in the bid for Petronas’s FPSO
Limbayong contract, to be located offshore Sabah, with the 12+3+3+2 year charter likely
to be awarded to the winning bidder in 3Q21F. Competing bidders include Yinson, MISC
and Sabah International Petroleum, according to industry newspaper Upstream. We have
not included Limbayong into our estimates or TP for BAB; if BAB’s consortium wins the
project, support from BAB’s major shareholder Usaha Tegas may be required to fund the
equity portion of BAB’s capex commitment, in the same way that Usaha Tegas extended
assistance for BAB’s equity commitments for the FPSO 98/2 project.

CIMB

Bumi Armada (BAB MK, BUY, TP: MYR0.51)*
_A Strong Start; Keep BUY_
Results Review
Keep BUY, new SOP-based MYR0.51 TP from MYR0.47, 13% upside. Bumi Armada’s 1Q21 earnings beat expectations, led by better Armada Olombendo earnings and other operating income. We expect cash flow to be resilient, backed by stable FPSO operations and continuous asset monetisation. Its risk-reward profile remains attractive, as its current 6.1x FY21F P/E (-0.5SD from the 5-year mean) reflects an elevated 2.08x net gearing as at 1Q21.

RHB

Worth to cover given their unique biz model and no 2 industrial gas vendor in malaysia

a small-cap company can attract coverage from 4 IBs, namely affin, rhb, kenanga and malacca sec

We view that Armada is still in its early stages of commercial discussions on the FSRU JV project with the Port of Mumbai (MbPT) and the terms are yet to be ironed out. Nevertheless, we are positive on the prospects of the FSRU project with MbPT as we opine that there will be a huge market for gas in India in the future as most of India’s power is currently generated by coal.

BONUS WARRANT APPROVED

From AR:- currently, we are in discussions for two new property development joint-ventures, with a combined GDV of RM400
million. These new projects are targeted to be finalised in the fourth-quarter of 2021 and first-quarter of 2022 respectively.

Q1 not impressive but best Q1 ever

Nope. U zoom in the figure. Its the higest last time 76only

this is the highest quarter ever, you have included minority interests for q32011

2nd highest? I thought the highest

79M

to-date, they have raised 130M from esos, they return to shareholders since everyone not happy with esos that led to eps dilution.

https://www.spglobal.com/platts/en/market-insights/latest-news/agriculture/051321-chinas-record-soybean-demand-forecast-to-support-prices-till-2022-sources

Sabah expansion
-Gabungan AQRS is a potential beneficiary of the revival of the Pan Borneo
Highway (PBH) Sabah project as it has submitted tenders previously for 4
packages together with its joint-venture (JV) partner Suria Capital
-High unbilled property sales of RM244.5m and remaining construction
order book of RM1.4bn should support strong earnings growth in 2021-23E
-We lift core EPS by 5% in 2021-22E to reflect higher progress billings and
better profit margin for ongoing projects. We reiterate our BUY call with a
higher RM0.81 target price, based on 20% discount to RNAV
Good prospects to secure PBH Sabah packages

AQRS-Suria Capital JV submitted tenders for PBH Sabah packages in 2017. But the
roll-out of new packages for PBH Sabah was delayed due to the previous changes
in government. We expect the implementation of the project to accelerate with the
appointment of HSS Engineers as the Project Management Consultant (PMC) for
PBH Sabah Phase 1 on 22 April 2021. We gather that potential new contract wins is
RM0.5-1.0bn from this project if AQRS secures several packages for the PBH Sabah
project. In addition, AQRS is targeting new contract wins of RM400m from other
projects to lift its current order book of RM1.4bn.

From Affin Hwang report

MIB 2700 222
BIMB 3000 320

may I know how to register for online AGM?

expecting PAT for FY2021 around 32M, including write-back then PAT around 36M

From UOB

• 2021 outlook − We expect SOP earnings to increase 13% yoy for 2021 on the back of:
a) Upstream operation continuing to benefit… Management guided FFB production for
2021 at 1.45m tonnes (7% yoy FFB production growth), taking into consideration the
labour shortage. Assuming SOP is able to bring in more foreign workers this year, there
will be more upside in its FFB production. But we remain conservative factoring in 4% yoy
FFB production growth for 2021. We expect higher yoy earnings from the upstream
operation, leveraging on high palm oil product prices. Besides, SOP guided that the group
had stopped forward sales and there is some carry forward sales volume from late-20
(<25% of 2020 total production) which will be committed in 2021.
b) …but partially mitigated by higher cost of production. The cost of production is
expected to be higher yoy in 2021 mainly due to harvesting costs and additional
incentives to retain workers. Besides, fertiliser costs have increased significantly due to
the rising prices of raw materials. Management guided that SOP managed to secure its
1H volume where prices were flat yoy, but 2H21 fertiliser prices should be higher yoy.
c) Lower margins for downstream operations. We expect lower downstream margins for
2021, mainly due to higher feedstock prices. We expect the 1H21 performance to be
satisfactory supported by SOP’s strategy in terms of timeliness of delivery of products.
EARNINGS REVISION/RISK
• Maintain earnings forecast. We maintain our earnings forecasts for 2021-23F at RM244m,
RM163m and RM175m respectively.
• Assuming CPO price assumption of RM3,500/tonne, SOP’s earnings will increase by
32%.
VALUATION/RECOMMENDATION
• Maintain BUY with a target price of RM4.75, based on 11x 2021F PE, or -1SD of the
stock’s five-year mean.
SHARE PRICE CATALYST
• Higher-than-expected CPO prices.
• Higher-than-expected FFB production and yield.

Sarawak Oil Palm (SOP MK)
Sells More In The Spot Market; Benefits From High CPO Prices
SOP has submitted relevant documentation to recruit foreign workers to overcome the
current labour shortage. As the only biodiesel supplier in the Sarawak region, SOP has
completed its biodiesel capacity expansion in expectation of full implementation of the
B20 biodiesel programme in Malaysia. As a pure Malaysia plantation player, SOP has
stopped forward selling so it will benefit from the high CPO prices. Maintain BUY.
Target price: RM4.75.
WHAT’S NEW
• Is the labour shortage over? Sarawak Oil Palm (SOP) has submitted relevant
documentation to the authorities to recruit foreign workers. Besides, incentives have been
given to the existing labour to retain them. According to our channel checks, plantation
companies are allowed to bring back labour with the approval of the relevant authorities. All
COVID-19-related expenses for the labour have to be borne by SOP (estimated cost is
RM2m-3m for 2021). SOP said if the process to recruit labour is approved, this would reduce
the labour shortage from 30% to below 20%.
• Biodiesel capacity expansion. SOP is the only biodiesel supplier in the Sarawak region.
Most of Malaysia’s biodiesel is B10 biodiesel, and B20 biodiesel is available only in certain
regions as the B20 biodiesel programme has been delayed due to the COVID-19 pandemic.
SOP expanded its biodiesel capacity in 2020 from 300,000 tonnes to 600,000 tonnes with
the expectation of full implementation of the B20 biodiesel programme in Malaysia. With the
new capacity, SOP’s biodiesel plant utilisation rate is at 40-50% (before expansion the
utilisation rate was 100% with full supply going for local blending).
• Acquisition of remaining 40% equity in SOP Sabaju. SOP has entered into a conditional
share sale agreement with Shin Yang Holding for the proposed acquisition with RM45.88m
cash, or RM42,000/planted ha. We deem that this is fair compared with earlier transactions
in the region. The proposed acquisition is expected to improve SOP’s age profile as SOP
Plantations (Sabaju) - SOP Sabaju - consists of young mature oil palms aged 11 years. The
purchase consideration will be funded internally, accounting for only about 7% of its total
cash. The proposed acquisition is expected to be completed in 2Q21.

not a bad deal, its a earnings accretion

AR released

OTHERS PROPOSED ACQUISITION OF THE REMAINING 40.0% EQUITY INTEREST NOT ALREADY HELD BY SOPB IN SOP PLANTATIONS (SABAJU) SDN. BHD. (SOP SABAJU) FROM SHIN YANG HOLDING SDN. BHD. FOR A TOTAL CASH CONSIDERATION OF RM45.880 MILLION (PROPOSED ACQUISITION)

https://www.kleinezeitung.at/wirtschaft/5968516/3DSensoren_ams-AG_Sorge-um-Auftraege-von-Apple

No sure. Wait official news

Ams ag key customer? Apple don wan use their sensor

https://www.spglobal.com/platts/en/market-insights/latest-news/agriculture/042121-world-bank-hikes-price-forecast-for-vegetable-oils-on-supply-shortfall

World Bank expects palm oil price at $975/mt in 2021

Palm oil to stay above $900/mt mark till 2025 at least

Analysts forecast palm oil prices to fall to $800 levels by June, 2021

https://www.google.com/amp/s/www.malaymail.com/amp/news/malaysia/2021/04/08/works-minister-five-new-work-packages-of-sabah-pan-borneo-project-under-ten/1964876

Competition act gov vs commercial use

KELINGTON GROUP: (KGRB MK, CP: MYR2.11, Not Rated) Bonus issue and free warrants
Maybank IB Retail Research

Kelington proposed to undertake: 1) a 1-for-1 bonus share issue; 2) a 1-for-3 bonus warrant issue; and 3) a diversification into the manufacturing, distribution and trading of industrial and specialty gases. Note that its Board intends to implement the proposed warrants issue after the completion of the bonus share issue. The proposed exercises are expected to be completed by 3Q of 2021.

Based on yesterday’s closing price of MYR2.11, the theoretical ex-bonus price is MYR1.055. Meanwhile, the 5-year warrant is theoretically worth MYR0.57 apiece, based on an indicative exercise price of MYR0.975 per warrant. One, however, should take note that it is the intention of the Board to fix the exercise price of the warrants on a premium of up to 30% to the ex-bonus price.

Although the warrants will not raise any funds when issued, Kelington could raise up to MYR209.7m at the indicative exercise price of MYR0.975 per warrant, assuming all warrants are exercised, which will be used to part finance the acquisition of assets for the industrial gas business, to meet its general working capital requirements and to partially repay borrowings.

The latest corporate exercises not only reward its existing shareholders but also to strengthen its balance sheet. Note that Kelington is sitting on a net cash of just MYR73.4m at end-Dec 2020 vs. its current outstanding order book stood at about MYR358m. Notwithstanding that, Kelington’s outstanding shares could balloon by about 167% on a fully diluted basis.

In spite of the EPS dilution in the immediate term (due to bonus share issue), it should not affect brokers’ rating. Currently, research houses are positively biased on Kelington with three Buys and one Hold, with a mean target price of MYR2.24. This is likely premised on its growth prospects. At present, the street is forecasting a 21.6% 3-year EPS CAGR for FY20-23. Valuation wise, the stock is trading at 25.4x consensus FY21 EPS of 8.3sen, above its 3-year historical average P/E of 18x.

Diversification of principle actitivy is the key

Goos ah

On behalf of the Board of Directors of Kelington ("Board"), UOB Kay Hian Securities (M) Sdn Bhd ("UOB Kay Hian") wishes to announce that the Company proposes to undertake the following:-

(i) bonus issue of up to 322,623,476 new ordinary shares in Kelington ("Kelington Share(s)" or "Share(s)") ("Bonus Share(s)") on the basis of 1 Bonus Share for every 1 existing Share held on an entitlement date to be determined and announced later by the Board ("Bonus Entitlement Date") ("Proposed Bonus Issue of Shares");

(ii) issuance of up to 215,082,317 free warrants in Kelington ("Warrant(s)") on the basis of 1 Warrant for every 3 Shares held on an entitlement date, which will be after the Bonus Entitlement Date, to be determined and announced later by the Board ("Warrants Entitlement Date") ("Proposed Issuance of Free Warrants"); and

(iii) diversification of the existing principal activities of Kelington and its subsidiaries ("Kelington Group" or the "Group") to include manufacturing, distribution and trading of industrial and specialty gases ("Industrial Gases Business") ("Proposed Diversification").

The Proposed Bonus Issue of Shares, Proposed Issuance of Free Warrants and Proposed Diversification are collectively referred to as the "Proposals".

Further details of the Proposals are set out in the attachment enclosed.